This year’s changes to the federal child tax credit (CTC) are significant and a seeming advantage for parents, but upon a closer look, they may not be a benefit for all taxpayers. Historically, qualified taxpayers received their child tax credit when they filed their income taxes. But beginning July 15,…
By: Jackie Emert, CPA, MST, and Melissa Ballantine Partnership tax basis and a taxpayer’s ability to use passed-through deductions has always been a hot issue for the Internal Revenue Service (IRS). However, enforcement has been difficult, due to the multiple basis methods that are reported on partners’ Schedule K-1s. That…
If a company has sales tax nexus in a state, they are required to collect sales or use tax on sales to customers in that state. Before the internet and over a half century ago, in 1967, the U.S. Supreme Court held that states could not impose the obligation to collect and…